You will need to send your annual tax return to HMRC if, You were sub-contractor, sole trader or self-employed. You have £2,500 or more in untaxed income, from renting out a property or savings and investment. your savings or investment income was £10,000 or more before tax You have made profits from selling shares, home or chargeable assets and you need to pay Capital Gains Tax. You were a company director. Your income was over £50,000 and one of you claimed Child Benefit You had over seas income subject to UK taxes You got dividends from shares Your income was over £100,000 You were a trustee of a trust or registered pension scheme Further to the BBC news on Friday 29th May, people who have filed late annual tax return, have been let off paying a £100 fine for missing the deadline. HM Revenue and Customs has confirmed. This is for the individuals who provide a "reasonable" excuse for being late.
Income tax self-assessment - Annual Tax Return "Most employees paying tax under the PAYE system are not required to file a annual tax return, because the PAYE system operates to withhold the correct amount of tax from their wages or salaries. Annual Tax Return offer free advice 24/7 An annual tax return is required for the self-employed including someone in a partnership controlling company director, but not a director of a non-profit organisation or anyone not receiving any payments or benefits a minister of any religion a name or member of Lloyd's income from savings and investments of £10,000 or more income from untaxed savings and investments of £2,500 or more income from property of £10,000 or more before deducting allowable expenses or £2,500 or more after deducting allowable expenses employment income on PAYE above £100,000 anyone lived or worked abroad or aren't domiciled in the UK having Capital Gains Tax to pay anyone who owes tax and it can not be collected through the tax code. For instance when the taxable Basic State Pension is greater than the Personal allowance anyone who has benefits in kind or out of pocket expenses which may be taxed as an employer does not have a dispensation The standard form in use is the SA100, complete with additional sheets for particular sources of income. A short tax return, form SA200, is available for those with incomes below £30,000. HMRC selects those that can complete a SA200. The tax year runs to 5 April. These tax returns must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return." This information is taken from the wikipedia and published by Annual Tax Return for the internet and public.
Every year after 5th April all individual, Sole Trader, partnerships, trusts and LLP ‘s are legally obliged to do their “annual tax return” and the “annual tax return” has be submitted to HMRC online, on or before 31st January the following year. Failure to deliver your “annual tax return” on-time, results in penalty in the sum of £100 (plus £10 per day, totalling up to £1200 PA ). As a responsible consultant we always advise to our clients to prepare all the documentation well before the deadline and have a face to face meetings with us, so that we could do the Tax Planning. On-time “Annual tax return” gives good credit worthiness with HMRC and the credit rating agencies.